British bank Standard Chartered is introducing its Chinese business customers to WeChat, the digital messaging platform developed by China’s Tencent that supports money transfers.
Reports Friday (Feb. 17) said the bank is adding WeChat Pay as part of its broader cash management services for corporate customers. The bank said the move aims to help Chinese businesses explore alternative payment methods.
“The newly launched service offers a single WeChat gateway connected to multiple online payment channels, providing a one-stop shop for corporate clients’ online portals,” said Standard Chartered China Head of Transaction Banking Sam Xu in a statement. “It simplifies the work of corporate treasurers with fewer accounts to manage, while effectively improving cash flow and working capital.”
Looping businesses into WeChat will help to streamline corporate accounts receivables, Standard Chartered said in its announcement. Linking them to WeChat will also connect businesses to customized online checkouts for the merchants using the solution. According to Standard Chartered’s global head of digitization and client access for transaction banking, Gautam Jain, WeChat’s ability to generate a QR code for payment means businesses will save on equipment.
“This demonstrates our commitment to work with leading industry players to offer innovative digital solutions in a continuously evolving landscape,” he said of the integration overall.
Standard Chartered will look to expand its connection with WeChat to corporate clients in other geographical markets this year, the bank added.